Making simple changes to your health will help you get better life insurance coverage for a better rate
Your health and your lifestyle are some of the most important factors that life insurance companies consider when determining how much you will pay for your coverage. By partaking in negative health and lifestyle habits, you are not only more likely to pay much more for life insurance, but you are also deteriorating your health. Making positive health and lifestyle changes will not only help you feel much better but can also help you lock in much lower rates for life insurance.
How Life Insurance Rates Are Determined
Life insurance providers consider your health and lifestyle to determine how much of a risk you are
When applying for life insurance, you will have to fill out an initial application detailing your health, your lifestyle, and your financial situation. Oftentimes, you must undergo a medical exam where the health insurance provider will get more information on your health beyond what you have submitted on your application.
In recent years, more companies have started offering no medical exam necessary life insurance policies. Of those, the best tends to be accelerated term life insurance policies, which are often very affordable. that tend to be much more affordable.
Especially if your health does not disqualify you from a term life insurance policy, it is generally best to opt for this type of life insurance policy if you can’t or don’t have time to go through a medical exam as opposed to alternatives, like guaranteed or simplified life insurance policies. With that being said, you will still be asked quite a few questions about your health and lifestyle.
All of those are used to determine how much of a risk you are to the life insurance company. If you have hobbies that the company determines are risky, you are going to pay much more for your life insurance. If you aren’t in the best health condition, again, you can expect to pay much more for insurance. With all of this in mind, there are still opportunities to make health and lifestyle changes that will get you a much better rate.
6 Health and Lifestyle Changes That Will Lock In Lower Life Insurance Premiums
Making positive health and lifestyle changes will not only help become healthier, but it can also help you get more affordable life insurance
If you are shopping for life insurance and you aren’t thrilled with your quotes or if you have a life insurance policy already but want a better rate than what you have, making some lifestyle changes can help you get a much lower rate for life insurance. By making a few health and lifestyle changes before you get your policy or asking for a rate re-evaluation after you’ve already gotten a policy, you are likely to find a much lower rate for the same or similar coverage.
1. Stop Smoking and Drinking
Both smoking and drinking, when done regularly, have a big impact on your health and lower your life expectancy significantly. Because of that, if you smoke or drink regularly, your life insurance carrier will see you as a bigger risk and hike up your rates for life insurance coverage.
Smoking has some type of impact on almost all of the organs of your body, specifically your heart and your lungs. Smoking regularly can lead to many health issues, too. Of those health issues, smoking puts you at a higher risk of developing:
- Cancer
- Heart disease
- Lung disease
- Diabetes
- And many, many more smoking-related illnesses.
Excessive drinking, or heavy binge drinking regularly, can lead to lots of health issues as well. Drinking regularly can cause unwanted issues and damage to your kidneys, heart, and liver among other organs. Over time, alcohol use can cause you to develop chronic diseases and issues including:
- High blood pressure
- Cancer
- Mental health problems
- And many more alcohol-related issues.
By cutting out both smoking and drinking, not only can you get a lower life insurance policy, but you will also make positive health changes that can lead to a better life.
2. Exercise Regularly and Maintain a Healthy Diet
Just like cutting out smoking and drinking, incorporating regular exercise and a healthy diet can drastically improve your health and help you get a better life insurance rate. Because your health is one of the biggest factors that life insurance companies consider when determining your rate, the healthier you are, the better. Both can help you maintain a healthy weight and decrease your risk of developing a plethora of health issues. Plus, if you have some health issues already, diet and exercise can help you improve those symptoms.
If you do not currently exercise, the best way to work it into your routine is to start small and meet your body where it is. If you try to do too much too fast, it becomes much more difficult to turn it into a regular habit. Start by doing some low-impact exercises, like walking, yoga, or biking, for even just 30 minutes a day. As you become more comfortable working out, you can start incorporating more intense exercises for longer periods of time. Find a routine that works for you and your abilities and stick to it. The longer you exercise consistently, the easier it will become.
As for your diet, you should always talk to your doctor before completely changing what you eat. With that being said, gradually making small changes to your diet over time can make a big difference to your health. You may start by cutting back on your intake of sugar, salt, and fatty foods for example. Try to avoid processed foods whenever possible, and instead opt to add fruits and vegetables to your diet. Make sure you drink plenty of water, too.
As you make these positive lifestyle changes, you will see a noticeable difference in your health while giving you the opportunity to lock in lower life insurance rates.
3. Improve Pre-Existing Health Conditions
Having a pre-existing health condition can cause you to pay more for life insurance if your condition is not well maintained and regulated. That’s not to say that having a pre-existing health condition completely disqualifies you from getting life insurance for an affordable rate, but if you are not working to actively improve your health conditions, it might be much harder.
When applying for life insurance when you have a pre-existing condition, you should try as best you can to:
- Show that you are receiving medical care for your condition.
- Take the steps recommended to you to work on improving your symptoms related to your pre-existing conditions.
- Cut back on any bad habits that could worsen your symptoms.
If you already have life insurance and want to improve your health conditions for a better rate, you may want to consider asking your life insurance carrier for a rate re-evaluation after you have gotten your health conditions under control. The company will often ask you to submit new medical records that can show that your health has improved over the years.
4. Work On Improving Your Financial Habits
Poor financial habits can put you in a position where you may not even be able to get life insurance at all. If you’ve had a bankruptcy in the last few years, you could be denied coverage or offered coverage for a very high rate. Even having a bad credit score can have some impact too.
Work on getting your financial history in order to get a better life insurance rate. To do this, you will want to prioritize making better financial decisions where you can and consistently make positive changes to your financial records. Most companies consider the past 5 years of your financial history, so if you can avoid bankruptcy and improve your credit history consistently to prove you have good financial habits, you are one step closer to getting life insurance for a more affordable rate as well as experiencing so many other financial benefits.
5. Practice Safe Driving
Even your driving history is taken into consideration when you get life insurance. Much like your financial history, life insurance companies typically look into and consider your driving history from the past 5 years. If you have had a DUI, frequently get into accidents, or have violations that show you may be a reckless driver, you will pay much higher rates for life insurance if your application is even approved at all. If life insurance is something that’s important for you to have but you don’t have the greatest driving record, practice safe driving and work to improve your record. It may take you a while, but you will likely be able to lock in a lower rate with a clean driving record.
6. Pick Up Safer Hobbies
Someone who skydives as a hobby is at a much higher risk of dying while practicing their hobby than someone who knits for fun—for obvious reasons. Hobbies like rock climbing and even skiing can be considered a bit dangerous. Depending on the company, how often you participate in these more dangerous activities can play part in your rates. Even if you cut back on how often you do these, you might get a lower rate. Try picking up some lower risk hobbies to get better life insurance rates.
By making positive health and lifestyle changes, you are not only ensuring you will have a much better quality of life but also putting yourself in a better position to get more affordable life insurance rates. While making these changes is oftentimes easier said than done, you will thank yourself later down the road.